ASML swaps with Arm as Morgan Stanley changes top picks in European chips

seekingalpha09-05

ASML (NASDAQ:ASML) and Arm Holdings (NASDAQ:ARM) were in focus on Thursday as Morgan Stanley replaced the former with the latter for its top pick in the European semiconductor space. ASML shares fell ...

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ASML shares fell ...</p>\n\n<a href=\"https://seekingalpha.com/news/4147215-asml-swaps-with-arm-as-morgan-stanley-changes-top-picks-in-european-chips\">Source Link</a>\n\n</div>\n","source":"seekingalpha","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ASML swaps with Arm as Morgan Stanley changes top picks in European chips</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nASML swaps with Arm as Morgan Stanley changes top picks in European chips\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-09-05 19:41 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/4147215-asml-swaps-with-arm-as-morgan-stanley-changes-top-picks-in-european-chips><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>ASML (NASDAQ:ASML) and Arm Holdings (NASDAQ:ARM) were in focus on Thursday as Morgan Stanley replaced the former with the latter for its top pick in the European semiconductor space. ASML shares fell ...</p>\n\n<a href=\"https://seekingalpha.com/news/4147215-asml-swaps-with-arm-as-morgan-stanley-changes-top-picks-in-european-chips\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1668664300.SGD","symbol_name":"Blackrock World Financials A2 SGD-H","start_time":0,"source_url":"https://seekingalpha.com/news/4147215-asml-swaps-with-arm-as-morgan-stanley-changes-top-picks-in-european-chips","article_id":"2465443105","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1210930611/image_1210930611.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2465443105","pubTimestamp":1725536502,"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"ASML (NASDAQ:ASML) and Arm Holdings (NASDAQ:ARM) were in focus on Thursday as Morgan Stanley replaced the former with the latter for its top pick in the European semiconductor space. 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ASML shares fell 1.2% in premarket trading, while Arm was up fractionally. \"We still see much of the order book for N2 (and maybe A16) at [Taiwan Semiconductor] to come into view and we think there is a risk that 2026 year-on-year growth could be thin, given the possible lack of High NA insertion on customer road maps,\" Morgan Stanley analysts wrote of ASML. \"We do expect solid sales growth at ASML into next year (2025), but we trim our sales estimates for 2025-26 given the recently announced R&D and capex cuts at key customer Intel and changeable demand for High NA.\" Additionally, they said China is the greatest source of uncertainty for ASML, due in large part to worries over increased restrictions and the possible end of large spending on mid-critical nodes. \"That said, we believe AI infrastructure spending will remain strong and view the recent P/E de-rating of ASML as a buying opportunity,\" the analysts added. \"The growth in leading-edge logic and memory (including HBM) augurs well for ongoing order book recovery, and we still expect ASML sales to grow for the next 2-3 years.\" Arm's mobile benefit Conversely, Morgan Stanley said it likes Arm due to the recovery in mobile, new areas of opportunity for artificial intelligence at the edge and the resulting multi-year expansion in royalties. \"The company is the global leader in silicon IP and is often overlooked as an AI beneficiary,\" Morgan Stanley's analysts explained. \"We think of Arm as more than a mobile CPU story and instead look to the growing use of custom silicon on Arm as a strong driver of royalties’ expansion (including a shift to higher royalty rates) across the next 2-3 years at least. Drivers of custom silicon royalties already come from cloud AI (initial volumes), but this will shift in large part to mobile soon (starting in the March quarter or FY4Q25).\" The analysts also said Arm's stock could benefit from possible ETF buying and any potential positive outcome from its litigation with Qualcomm (QCOM). Morgan Stanley's analysts also said they like BE Semiconductor (OTC:BESIY) and ASM International (OTCQX:ASMIY) in the European chip sector.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"Shareholding Changes","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.28.1","shortVersion":"4.28.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2465443105"}